Part 2

It is a certain Topick, That every _Relief_ in the Case of the _South-Sea_ Company, will be thought an _Injustice_ to some, who cannot be reliev'd but at the _Expence_ of others. That Way therefore must be taken, that is most Safe and Equal.

* * * * *

By what has been said, you will easily judge, how little the _poor Sufferers_ are like to expect from this _New Project_; and that if the _Success_ attend it that some People hope, it must be the Ruin of the _Nation_.

You likewise see the _Danger_ there is in _Advancing_ of Stocks above their Original Capital; and how necessary it is to restrain Corporations from _Dividing_ more than what their _Original Stock_ will fairly produce; and that such _Practices_ are destructive to the Commonwealth of this _Nation_.

Ought not then the _Legislature_ to enter upon speedy _Measures_, and such as may prevent any _Evil Consequence_ that may happen?

* * * * *

Our Main Business, therefore, is, how to find out _Methods_ to extend our _Trade_; for _Projects_, and _United Companies_, are only contriv'd to _enrich_ a few.

We have within our selves, and in _America_, an inexhaustible Fund to _supply_ our selves, and perhaps _Europe_, with what we are now beholden to _Foreigners_ for, and that at the Expence of our _Silver_ and _Gold_; and yet either our _Negligence_, or _private Views_, make us sit still. But otherwise,

What _prodigious Advantage_ would it be to the _Nation_, to have a _Supply_ from our own _Colonies_ with those _Naval Stores_, which we have now from _Denmark_, _Sueden_ and _Muscovy_; and to save the Expence of so much _Money_ as those Trades cost us, and no longer to be at the Mercy of any _Foreign Prince_? And could we gain a Balance of _Trade_, we may hope to retrieve our selves from all the _Difficulties_ we seem to labour under. But at present, we have not the Balance with any one Nation, except _Portugal_.

Now if this be the Case, it cannot be thought that an _Over-Balance_ there, can answer the _Balance_ that all _Europe_ has against us.

But Luxury in the Use of _Foreign Importations_ being discourag'd, we may reasonably expect to have a _Flourishing Trade_, which will bring Mines of _Gold_ and _Silver_ into our Coffers; all other Arts and Schemes having no _Foundation_, and nothing but _Destruction_.

That _Foreigners_ take the Advantage of us, by the _Rising_ and _Falling_ of our _Stocks_; nor can the _Evil_ be remedied, but by fixing them down at a _certain Price_ that they shall be bought or sold; _viz._ _Bank_-Stock at _One Hundred and Twenty Five_ per Cent. And for that Sum, the said Corporation may divide _Common Interest_, but never more.

That the Surplus of _Profit_ be, to make good the Value of _One Hundred and Twenty Five Pounds_, at the Time the said _Bank_ shall be paid off by the _Government_.

_India_ Stock at _One Hundred and Twenty Five_ per Cent. And that Corporation never to _divide_ more than _Common Interest_ for that Sum: The Remainder of _Profits_ accruing by that Trade be, for the better _Maintenance_ of their _Factories_, and the Extending of their _Trade_ in _India_.

_South-Sea_ Stock at _One Hundred and Twenty Five_ per Cent. (if the said Corporation be put in _Statu quo_) that the said Corporation may never _divide_ more than _Common Interest_: The Remainder to carry on a Trade to such Parts and Places, as shall be thought most advisable, and to establish _Colonies_ for the Good of the Kingdom in general. Or otherwise, _Trade_ and _Industry_ will be discourag'd, and _Luxury_ and _Idleness_ be our Ruin.

* * * * *

The _Hollanders_ are more Political in _Trade_ than we; and they being so near us, and we having with each other so great a _Trade_, and they so largely in our _Stocks_, that unless we have an _Agio_ settled, as they have, (that is, that there be a _Difference_ between the Current Cash and the _Bank_-Money) we shall never preserve our Coin. Nor will Trade ever _flourish_, or Credit _revive_, unless a Liberty be given to all _Bodies Corporate_ and _Collective_ to Transfer as usual.

* * * * *

As the Eyes of all are upon the Parliament of _Great Britain_, greedily expecting a speedy _Settlement_ of _South-Sea_ Stock; how easy is it, and how securely may the _House of Commons_ pass a Vote, That the _Losses_ of the _South-Sea_ Company shall be made good? For at present the _Stock_ is precarious.

And the same may be said, in some Measure, both of the _East-India_ Company, and the _Bank_: Which strengthens the _Reasons_ against the _Government's_ trusting any more to _Corporation Credit_.

That _Trade_ cannot easily extend it self in this Kingdom, unless all Corporations are ty'd down from _Dividing_ (I say) more than _Common Interest_. Persons will never go on to encourage _Trade_, so long as a Profit can be made by the frequent _Rise_ and _Fall_ of Stocks, the Bane of all _Industry_.

That unless, I say, a Liberty be given to all _Bodies Corporate_ or _Collective_, to raise Money to carry on and extend the _Trade_ of this Kingdom, can it be thought that _Trade_ will ever increase? And without Liberty be given to all _Bodies Corporate_ and _Collective_, to have a _Book_, wherein every Person may _transfer_ their Properties, such _Bodies_ will be never able to raise Money to carry on a _Trade_, or extend it.

* * * * *

Before I conclude, I shall enlarge a little concerning the _Poor_ of our Country; who will never be brought to Labour, so long as they are maintain'd by the _Parish_, and suffer'd to beg about the Country, or in the Streets.

If _proper Places_ were provided, on _Navigable Rivers_, where Land is reasonable; with good Management, and by the Improvement of those _Lands_, the Expence of our _Poor_ would not be so great by the one Tenth Part of what it is, and what we now pay towards their _Relief_. And by such a prudent Management, what an _inestimable Benefit_ would it be to this Nation; not only by easing the Subject from that _heavy Burthen_ or _Tax_ to the _Poor_, but by the many other _Advantages_ that thereby the _Publick_ will receive, besides the many Hands that may be employ'd to Profit, more than what is necessary to be appointed for their own and _their Maintenance_?

Such an _Advantage_ would it be to the _Nation_, as would be better to us than the Mines of _Peru_ and _Mexico_ to the _Spanish_ Monarchy. It would introduce _Industry_, reduce _Idleness_ and _Luxury_; encourage and promote the _Trade_ of the Kingdom, increase our _Exports_, and lessen our _Imports_; by providing of Hands useful in making all Sorts of Utensils, for _Army_ and _Navy_, _Soldiers_ and _Sailors_, that, when their Country have no Service for them, they may return to their _Livelihood_ they were bred to, and by their _honest Industry_ find a _Maintenance_.

_FINIS._

[Printer's Decoration]

Transcriber's Notes:

Passages in italics are indicated by _underscores_.

Non-italicized words within an italicized block of text are indicated by =equal signs=.

Small capitals have been replaced with Title cased text.

Obsolete spellings of words (e.g., publick, intrinsick, nett, Portugueze, allay, accompt, depretiate etc.) have been retained; long s has been transcribed as modern round s.

On page 7, "maintain d" was replaced with "maintain'd".

On page 8, "Ingraffment" was replaced with "Ingraftment", to make it consistent with other usage in the document.

On page 12, "Twopeny" was replaced with "Twopenny".

On page 26, "Bodies Corporat" was replaced with "Bodies Corporate".

End of Project Gutenberg's A Stiptick for a Bleeding Nation, by Unknown